A sole proprietorship is a business owned by a single individual. It can be owned and operated solely by its owner, or it can rely on the labor of paid employees as well. Like any other business with employees, a sole proprietorship can improve its collective knowledge base by holding meetings and sharing information. However, a sole proprietorship is under no obligation to any outside agency to either hold regular meetings or to document the topics covered at these meetings in minutes.

Sole Proprietorship Meetings

Unlike a corporation, nonprofit or cooperative, a sole proprietorship does not have legal requirements dictating the protocols and schedules for holding meetings. However, a sole proprietorship that holds meetings expands its capabilities by making a commitment to shared learning. A meeting provides an opportunity for an owner-operator to sit down with her staff, review policies and procedures and answer questions. Whether the owner holds meetings monthly or annually, setting aside a time and place for learning and communication enables a sole proprietorship to become a group effort rather than the work of a lone individual.

Purpose of Minutes

The primary purpose of keeping minutes at a meeting is to document a discussion and make the information available for employees who are not present. Other types of business structures such as corporations and nonprofits may be legally required to keep their minutes on file and make them available to shareholders. However, meeting minutes for a sole proprietorship exist solely for the benefit of the business owner and his staff, as a reference and a communication tool.

Standards for Minutes

Because sole proprietorships are under no legal obligation to hold meetings or record the content of these meetings in minutes, no specific standards govern the minutes that a sole proprietorship compiles, if it chooses to do so. The business does not have to have a designated secretary, and the individual taking and compiling notes can present the information in any way she chooses. However, sole proprietorship minutes are most useful to employees if they are presented with a degree of formality or informality that is consistent with the company's culture.

Keeping and Distributing Minutes

Meeting minutes are most effective if they are easily available to employees. If the person who compiles the minutes prints and distributes copies, employees who were present have the opportunity to review the meeting discussion and employees who were absent have the opportunity to catch up on the material that was covered.